STOCKPORT LAWYER SEES INCREASE IN PEOPLE SEEKING WEALTH PLANNING ADVICE

A Stockport wills and wealth planning specialist has seen a rise in the number of people seeking advice about ways to preserve wealth as unease about the UK economy continues.

Bik-ki Irving from law firm SAS Daniels LLP has noticed the rise amongst those of modest wealth rather than the traditional ‘millionaire’ bracket associated with those seeking advice on riches.

The firm, which also has offices in Macclesfield, Chester and Congleton, has put the rise down to enduring unease about the UK’s debt crisis and continuing uncertainty around long-term care costs.

Bik-Ki Irving, who is an associate at SAS Daniels, said: “Historically wealth planning has been associated with those boasting a fortune, but the continued economic doom and gloom alongside uncertainties like the cost of long term care seems to have sparked a rush to preserve money amongst people with a more modest wealth.”

The change is also affecting the methods used in wealth planning with an upswing in the number of people considering using trusts.

Bik-Ki Irving added: “Whilst complex in terms of the law and tax, trusts are extremely useful for efficient wealth and succession planning. In the past trusts have been used mainly for inheritance tax purposes amongst wealthy individuals, but they are starting to see a much wider application, particularly amongst people not traditionally considered to be high-earners who may not have considered wealth planning until recently.

“There’s no doubt that a number of factors have influenced this change, not least an increase in awareness amongst the wider population thanks to media headlines about long term wealth issues facing large swathes of the population.”

Other factors which have been cited include the increasing number of couples starting second marriages as divorce rates hit record levels.

Bik-Ki Irving added: “Trusts are a tried and tested method of setting aside and protecting money for children from previous relationships if you are starting a second marriage.”

The wills and wealth planning team at SAS Daniels has seen strong growth over the last year in line with the overall performance of the firm which is expected to post a turnover of more than £6.5 million in the year to April 2013.